Endurance Specialty Insurance to Apply in Canada

Summary#

Endurance Specialty Insurance Ltd. (French name Assurances spécialisées Endurance ltée), a Bermuda-based insurer, says it will apply to set up a Canadian branch. The company plans to file under the Insurance Companies Act with the Superintendent of Financial Institutions on or after March 17, 2024; the notice is dated February 17, 2024.

What it does#

• Announces an intent to file an application to operate in Canada under the English and French names above.
• Seeks approval to insure risks in these classes: property; liability; boiler and machinery; fidelity; automobile; marine; surety; and aircraft.
• States the insurer’s head office is in Hamilton, Bermuda, and its planned Canadian chief agency will be in Toronto, Ontario.
• Identifies the ultimate corporate parent as Sompo Holdings, Inc. (incorporated in Japan).
• Notes the filing will be made with the Superintendent of Financial Institutions (represented in the notice by Torys LLP).

Who's affected#

• People and businesses that buy the listed types of insurance (for example: property owners, drivers, businesses needing liability, marine or aircraft cover, or companies needing fidelity or surety bonds).
• Insurance brokers, agents, and competing insurers who work in those product areas.
• The federal regulator that reviews and approves foreign insurers’ Canadian branches.
• It is not stated whether existing policies, prices, or the timing of approval will change.

Why it matters#

• If approved, this would add another insurer offering a range of commercial and personal coverages in Canada, which can increase choice for buyers.
• A new entrant can affect competition, availability of specialized coverage, and potentially prices over time.
• The company’s head office is overseas, but a Canadian chief agency in Toronto, Ontario would handle local business and claims if the branch is approved.
• This notice is an announcement of intent to apply, not an approval. The regulator still needs to review and decide.